A huge bailout plan was launched today for the Bank of Moscow, Russia's fifth largest lender. The total amount of aid will be around 9,8 billion euros, the largest ever for the largest state in the world.
7,3 billion euros will come from a loan granted by the Russian central bank, while the remaining 2,5 billion from a capital increase by Vtb, which in February had purchased 46,5% of the Moscow bank.
The bailout plan was made necessary by the villainous management of the institution by ex-president Andrei Borodin, who is suspected, among other things, of having improperly granted a loan of around 2009 million euros in 320 to a company owned by Elena Baturina, wife of the former mayor of Moscow Yuri Lujkov and owner of a veritable real estate empire.
